Credo Technology Group Holding Ltd. $CRDO Shares Sold by Princeton Global Asset Management LLC

Princeton Global Asset Management LLC cut its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 49.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,870 shares of the company’s stock after selling 13,588 shares during the quarter. Princeton Global Asset Management LLC’s holdings in Credo Technology Group were worth $2,020,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRDO. JPMorgan Chase & Co. raised its holdings in shares of Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after buying an additional 1,739,844 shares during the last quarter. Alliancebernstein L.P. raised its stake in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in Credo Technology Group during the 2nd quarter valued at $82,479,000. Swedbank AB boosted its position in Credo Technology Group by 29.5% during the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock worth $129,280,000 after acquiring an additional 733,811 shares during the period. Finally, Invesco Ltd. boosted its position in Credo Technology Group by 160.7% during the 2nd quarter. Invesco Ltd. now owns 1,118,119 shares of the company’s stock worth $103,527,000 after acquiring an additional 689,202 shares during the period. Institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In related news, CEO William Joseph Brennan sold 18,016 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total value of $2,759,330.56. Following the completion of the transaction, the chief executive officer owned 301,891 shares in the company, valued at $46,237,625.56. This trade represents a 5.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 370,000 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the sale, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at $61,276,000. This represents a 48.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,311,246 shares of company stock worth $200,335,333. 11.84% of the stock is owned by insiders.

Credo Technology Group Price Performance

Shares of CRDO opened at $150.13 on Friday. The firm’s 50 day moving average is $156.36 and its 200-day moving average is $129.49. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The stock has a market capitalization of $27.12 billion, a P/E ratio of 131.69 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The firm’s revenue for the quarter was up 272.1% compared to the same quarter last year. During the same period last year, the firm posted $0.07 earnings per share. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CRDO shares. JPMorgan Chase & Co. assumed coverage on shares of Credo Technology Group in a research note on Friday, October 17th. They set an “overweight” rating and a $165.00 price objective on the stock. TD Cowen boosted their price target on shares of Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Barclays increased their price objective on shares of Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a report on Tuesday, December 2nd. Bank of America raised their price objective on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Finally, Susquehanna upped their target price on Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research report on Wednesday, October 22nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $206.85.

Credo Technology Group Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high?speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low?latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high?speed analog and mixed?signal devices designed to preserve signal integrity and extend reach over copper and optical links.